Snapdocs Surpasses $2 Million in Payouts to Notary Signing Agents
March 2, 2017
Snapdocs Inc., a technology platform that helps simplifiy mortgage loan closings, announced that its Vendor Pay technology has issued more than $2 million in payouts to nearly 7,000 different notary vendors across the United States. Vendor Pay enables mortgage lenders and title companies to automatically compensate thousands of different notary vendors on a rolling basis through Automated Clearing House (ACH).
“Moving toward a paperless environment and automating manual processes are two key steps to modernization that save companies time, money, and manpower,” said Snapdocs CEO Aaron King. “Vendor Pay lifts a major burden off closing teams, eliminating the need to physically process checks and respond to ongoing inquiries regarding payment status from notaries, who increasingly are being tapped to execute mortgage closings remotely. Direct deposit is expected in our modern world; Vendor Pay helps our customers meet this expectation of their third-party vendors while on autopilot.”
King said that for decades, accounts payable departments manually processed notary invoices every month. Before Snapdocs rolled out Vendor Pay in July 2016, notary signing agents had to wait 30 to 90 days to get paid for handling mortgage closings. Snapdocs’ Vendor Pay decreases the wait time for payment to under 30 days and eliminates lost checks, according to King.
“Adopting Vendor Pay was not only a big step toward bringing our closing operations fully in-house, but it has also helped us strengthen our relationships with notaries,” commented Mike Harris, owner of Satellite Signing Services. “Maintaining good rapport with notaries supports smoother closing operations and a better borrower experience, which is one of our top priorities.”
Notaries and settlement services companies can track payments with progress indicators ranging from when a signing is complete to when funds are available in the notary’s bank account.
“Predictable, reliable payments through Snapdocs Vendor Pay make notary work competitive with other opportunities in the on-demand economy,” said notary signing agent Aaron Rhine. “I never have to hassle with cashing or losing checks, and it makes it much simpler to do my accounting.”
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